MILANO – 14:35. The European stock exchanges are moving in the name of weakness following the heavy sales on the technology sector of Wall Street: last night the Nasdaq lost two percentage points. Today, Milano drops 0.6% in the afternoon. Well Tim, in Piazza Affari, which rides the statements of the Minister for Economic Development, Giancarlo Giorgetti, who he wants acceleration on the infrastructural dossier. Spotlight also on lenders after that Moody’s has revised up the outlook for the Italian banking system, improving the outlook from “negative” to “stable” on the expectation that the Italian economy will return to growth this year after the sharp contraction produced by the coronavirus in 2020 “. In the rest of Europe, Frankfurt drops by 0.1%, Paris moves back by 0.1%. Also London slips by 0.1%.
Previously, the Tokyo Stock Exchange had closed higher after 4 sessions lower. The Nikkei Index rose 1.14% to 28,729 points. Wall Street, after the good indications of the futures in the morning, opens lower: the Dow Jones loses 0.4% and the Nasdaq drops again 0.9%. The US data thus seem to be overshadowed, indicating a 97,000 drop in unemployment benefits claims to 684,000 in the last week analyzed, a better than expected figure. And also there upward revision of US GDP in the fourth quarter: + 4.3% against the + 4.1% of the second reading that analysts expected confirmed.
The recovery after the pandemic: the US and the East are racing again Europe hopes for the towing effect
by Federico Rampini
March 22, 2021-
Among currencies, theeuro opens stable just above 1.18 dollars. The best US economic outlook continues to support the dollar, including against the Chinese currency, with the yuan on the offshore market at 6.534. Euro / yen rising to 128.75 and dollar / yen rising to 108.96. Of note, after the raising linked to Musk’s tweets, that the Bitcoin it is on a downward trend and has been at its lowest for a couple of weeks.
On the government bond front, the first auction of the Btp Short Term, the new title fielded by the Italian Treasury to replace the Ctz. In the first placement, the short-term coupon with a maturity of 11/29/2022 catalyzed a total demand of 5.6 billion against an issued amount of 4 billion euros and a supply / demand ratio of 1, 41. The yield stood at -0.39 percent. The spread between ten-year BTPs and German Bund counterparts it rises slightly to 96 points with the yield on Italian bonds slightly moved to 0.59%. Meanwhile, the ECB has released its economic bulletin confirming the intention to accelerate purchases of securities in the anti-pandemic program.
The Suez Canal remains blocked, but oil is falling
Special note these days is the Petroleum, which stopped the price rush triggered by the accident that occurred in Suez passage, where a mega container carrier got stranded closing one of the most important trade routes in the world. In fact, as the Intesa Sanpaolo Study Center recalls, about 12% of world traffic passes through that channel and, in detail, 7% of world oil trade passes through it, making it the fourth most important checkpoint. After yesterday’s 5.9% rebound – also driven by rumors that at the next OPEC + meeting on April 1st, producing countries will not increase production – today crude oil prices have started to fall again. Fears over demand are weighing on this, due to the lockdowns in Europe. In the afternoon, the WTI at Nymex gives about 3% below 60 dollars.
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